SEC Alleges Conrad Coggeshall Defrauded Elderly Investors
According to an administrative release on November 5, the Securities and Exchange Commission has ordered a public hearing to hear evidence in its investigation of financial advisor Conrad Coggeshall.
The regulator filed a complaint against Coggeshall on March 20, 2020, alleging that, between April 2017 and May 2018, Coggeshall defrauded elderly investors out of $700,000 in a company he called BOTR, LLC also known as Business Owners Tax Relief.
According to the complaint, Coggeshall allegedly made multiple misrepresentations to investors, including that they were investing in BOTR, LLC, a successful mergers and acquisition firm based in New York, their investments were safe and insured, and they would receive periodic interest payments at a high, fixed rate.
According to the SEC’s complaint, Coggeshall purportedly deposited investors’ funds into brokerage and bank accounts in the name of an entity that he owned and that reportedly did not engage in mergers or acquisitions.
Further, Coggeshall allegedly used investor funds to trade securities, incurring significant losses, and to pay personal expenses and to make payments to investors.
According to his broker profile, Coggeshall was reportedly affiliated with Packerland Brokerage Services in Scottsdale, Arizona, from 2015 until 2018. The Financial Industry Regulatory Authority ( FINRA) reportedly barred him from the securities industry in May after he failed to request termination of his suspension. He reportedly has one pending customer complaint in July, 2020 for allegations that he “recommended fraudulent and unsuitable investments.” The damage amount requested is $1,812,600.00.
Investigating Potential Lawsuits
Packerland Brokerage Services and all broker-dealers have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
If you suffered investment losses with Conrad Coggeshall and Packerland Brokerage Services, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.